Watch as Bank of England governor speaks to Treasury committee on SVB rescue

Watch as Bank of England governor Andrew Bailey speaks to the Treasury committee about Silicon Valley Bank (SVB) after its £1 rescue by HSBC.

Last week, Mr Bailey told MPs that the Bank of England warned US regulators over the growing risks at SVB well before its collapse earlier this month.

In his letter to the parliamentary committee, he also criticised a decision from US authorities to ensure all SVB deposits beyond the $250,000 covered by federal deposit insurance rules.

First Citizens Bank on Monday (27 March) bought all the loans and deposits of the failed US bank following a “competitive” bidding process.

SVB’s 17 US bank branches will begin operating as a division of First Citizens and customers will be able to access their current accounts as they usually would, according to the announcement, which also claims to help “strengthen the US banking system and economy”.

Click here to sign up for our newsletters.